STANDARD LITHIUM LTD.

Processing Overview

Smackover Lithium is currently developing multiple projects in the Smackover Formation, including the SWA Project. The SWA Project is a direct lithium extraction (“DLE”) and lithium-only project that is well advanced in terms of metallurgical testing, has published a DFS and is preparing for a Final Investment Decision in late 2026.

The Franklin Project brine is sufficiently similar to the SWA Project brine from a metallurgical perspective. This means that the lithium process flowsheet for the Franklin Project will likely be similar to the SWA Project. The PEA is designed on this basis, including use of the same DLE technology, a critical part of the overall flowsheet. The Franklin Project is anticipated to produce a higher lithium recovery per brine volume processed because of the greater lithium concentration in the feed brine, resulting in potentially improved economics.

A third-party vendor with extensive expertise in the Smackover Formation was engaged for a treatability study of Franklin Project brine to provide a preliminary assessment of the brine compatibility with its lithium selective sorption process. The trials achieved the target lithium retention as well as the target sodium, potassium, calcium and magnesium rejection with the limited quantity of brine that was processed.